"His parents are Baby Boomers who, he says, exhausted their funds five years ago - although they only told him when they were on the brink of homelessness. Because of health problems and age-related constraints that make work impossible, the user stepped in to support them and to manage their finances. He persuaded them to sell their large, debt-laden home (despite their request that he simply continue paying their mortgage). Now they live in a modest cottage near him so he can regularly assist them."
"While his mother complains about the neighborhood and his father bristles at having someone else foot the bills, the real burden is the toll this situation takes on the user's own finances. To cope, he's working two jobs. He's hopeful that the home he bought for his parents will appreciate and ultimately yield a profit, but he's also anxious: his child is about to graduate, with new expenses looming."
A man discovered his Baby Boomer parents had exhausted their funds five years earlier and only informed him when they faced homelessness. Health problems and age-related constraints made work impossible, so he assumed financial responsibility and began managing their finances. He convinced them to sell their large, debt-laden house and relocated them to a modest cottage nearby to provide regular assistance. The arrangement strains his finances, prompting him to work two jobs while hoping the property will appreciate and worrying about upcoming family expenses. Many Boomers enter retirement without sufficient savings. New 2025 tax changes include a senior deduction of up to $6,000 and inflation-adjusted brackets.
Read at 24/7 Wall St.
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